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Weatherly CEO quits

The CEO of struggling copper miner Weatherly International (LN:WTI) has quit after big share price losses and a missed debt payment deadline.
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Staff reporter

Craig Thomas has run the Namibia-focused miner since 2015, after being promoted from COO.

Weatherly had to push back a loan repayment due to Orion Mine Finance on March 31, and has seen a precipitous fall in its share price recently. 

A three-year peak in mid-February of £0.023 (US$0.032) per share came before more announcements about the financial situation, triggering the 70% fall to £0.0068/share following Thomas' resignation.

In December, Weatherly announced it would buy Intrepid Mines' (AU:IAU) Kitumba project for £2.6 million in cash.

The project has not been a major boon for miners in the past, although Intrepid has asked for an extension to get the deal done so it is not a certainty.

Weatherly said it would scale down the copper project to make it work.

Thomas will leave the company on July 4.